MIT to offer free tuition to American families earning less than $200,000

‘This $100,000 threshold is up from $75,000 this year, while next year’s $200,000 threshold for tuition-free attendance will increase from its current level of $140,000, the official notice explained.

MIT is one of only nine colleges in the US that does not consider applicants’ ability to pay as part of its admissions process and that meets the full demonstrated financial need ⁠for all undergraduates. As per the institute, six out of every 10 students receive MIT need-based aid. The median annual price paid by an undergraduate who received an MIT Scholarship was $12,938⁠02 for the 2023–2024 academic year.

While parents — whose family income is below the threshold — aren’t expected to contribute to the child’s tuition fee, students, however, are still expected to contribute toward their own expenses from their summer savings contribution and student employment during the school year.

Additionally, the institute plans to award $167.3 million in MIT need-based scholarships in 2024–2025, compared to the $158.2 million awarded in 2023–2024. As per the data provided by MIT, 58 per cent of full-time undergraduates received an MIT Scholarship during the 2023–2024 academic year. Among those, the median family contribution after student term-time work⁠ was $10,360. 39 per cent of undergraduates received scholarships and grants equal to or greater than tuition. Their remaining expenses were covered by their family or by the students themselves, through paid work or student loans. For families with incomes less than or equal to $140,000 in 2023–2024, the median student loan among those who took loans was $5,442.⁠04.

Interestingly, 87 per cent of MIT students from the Class of 2024 graduated debt-free. Those who do borrow tend to have debt at graduation lower than the national average — a median of $14,844 — and all alumni benefit from the lifelong return on investment of an MIT education, including an average starting salary of $126,438 for graduates entering industry according to the most recent Graduating Student Survey.